Latest News
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SRG Global wins contracts in Australia and New Zealand worth $551,7 million
SRG Global, a construction and engineering company, announced on Wednesday that it had secured contracts in Australia and New Zealand worth A$850 Million ($551.65million) across various sectors. These agreements include deals with Origin Energy and South32. BHP Iron ore, Genesis Minerals, BHP, and BHP are also included. The company has signed a contract for five years to provide asset integrity services and reliability services at Origin Energy's Darling Downs and Eraring power assets in Queensland and New South Wales. SRG's five-year agreement with South32, which is the largest manganese producer in the world, will see it provide specialist shutdown maintenance for its Worsley mines, located in the southwest of Western Australia. The company also has asset integrity and reliability service contracts with BHP iron ore assets in the Pilbara region in Western Australia, BHP copper assets in South Australia Alcoa refineries in southwest Western Australia and Anglo American assets throughout Australia. SRG has finalized an agreement with Genesis Minerals for the provision of specialist production drilling services and grade control at Jupiter Gold's operations. The Australian-based company, which provides a wide range of infrastructure services, has also secured other contracts in areas such as health, education and defence, water, health care, data centres, and defence. SRG has won A$700m worth of contracts in Australia and New Zealand. (1 Australian dollar = 1.5408 dollars) (Reporting and editing by Mohammed Safi Shamsi in Bengaluru)
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Advisors: Britain must lower electricity prices to achieve climate goals?
In a Wednesday progress report, Britain's climate advisors stated that the country must lower its electricity prices in order to accelerate the adoption of technology to reduce emissions, such as heat pumps and electric vehicles. Britain is aiming to achieve net zero emissions in 2050. This will require electrification for sectors like heat and transport that are currently dominated by fossil fuels. It also faces high electricity prices. Piers Forster said in an annual report briefing that the "most important recommendation" we have for government is to lower the cost of electric for both households and businesses. He said that if we want to see the benefits of electrification in the country, it must be reflected on the utility bills. Ofgem in Britain, which regulates domestic energy prices and sets the cap, has reduced it by 7% since July. It is still around 50% higher than the prices in summer 2021 before Russia invaded Ukraine and caused an energy crisis across Europe. The Committee produces annual reports on the progress made by the government towards its climate goals. The report stated that Britain could achieve 68% of the reductions in emissions it pledged to under the Paris Climate Agreement. The report made 43 recommendations, including lowering energy prices, accelerating grid connections for clean power projects and introducing regulations that require only low-carbon heating for new homes. The UK's emissions are down 54% since 1990, thanks to the increased use of renewable energy and the closing of coal-fired power stations.
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Research shows that policymakers ignore forest regeneration when fighting climate change
Naturally-regenerating forests are often ignored by policymakers working to curb climate change even though they hold an untapped potential to rapidly absorb planet-warming carbon from the atmosphere, scientists found in a research paper published Tuesday. The research in Nature Climate Change suggests that these so-called secondary forest, which have grown back after being destroyed, usually for agricultural purposes, can help the world get closer to the target of net-zero emission needed to slow down global warming. They found that young forests consisting of trees aged between two and forty years can remove up to eight-times more carbon per hectare from the air than newly planted forests. Companies are spending millions of dollars on reforestation to create carbon credits that they can then sell to industries looking to offset their greenhouse gas emission. The secondary forests are not often allowed to regenerate for long enough, to be able to improve the climate. This is because they have been cleared, or they are prey to pests and fires. In the tropics they found that only 6% reach two decades of regrowth. Nathaniel Robinson is a scientist and one of the authors of the study. He works at the Center for International Forestry Research and World Agroforestry. He said that the vulnerability of these forests "is probably due to policy loopholes." Robin Chazdon is a professor of Forest Research Institute of the University of the Sunshine Coast in Australia. He was not involved with the study, but said that the refined assessment of the global mitigation potential of regrowing forest had important implications which could influence new climate policies. Last week it was revealed that a loophole within the Amazon Soy moratorium, an agreement by top grain traders around the world to not purchase soy produced on land recently deforested, allowed Brazilian farmers market soy from razed secondary forest as being deforestation free. Like many conservation policies in the world, the Moratorium protects old-growth forests, but does not protect regrown rainforests. Scientists found that in the Brazilian Amazon half of secondary forest is cleared within 8 years after regrowth. The Nature Conservancy's Susan Cook-Patton is one of the authors. She said that these secondary forests are responsible for the fastest and biggest carbon removal. She added that these forests are "just not appreciated." (Reporting and editing by Manuela Andréoni, Aurora Ellis and Stefanie Eschenbacher)
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US cities record highest temperatures in heat wave
The oppressive heatwave that has been sweeping the United States since last week is expected to reach its worst on Tuesday. National Weather Service: Temperatures are expected to reach 101 degrees Fahrenheit in Washington and Boston, breaking previous records of up to 6 degrees. Central Park in New York City could see temperatures reach 99 F (37 C), exceeding the previous high of 96. According to the NWS, there is the possibility of record heat in other parts across the Eastern U.S. including northern Georgia and the Carolinas. Bob Oravec is the lead forecaster for the National Weather Service, College Park, Maryland. He said that the Northeast is experiencing the most intense heat. Extreme heat in the Northeast is disrupting public transportation. Amtrak, a U.S. passenger rail company, has announced that it will have to reduce train speeds on Tuesday, between Washington and New York, and between Philadelphia to Harrisburg. This could cause delays. Even some tourist attractions are affected. According to the National Park Service, the Washington Monument will close on Tuesday and Thursday due to heat. Construction companies are compensating for severe weather in order to keep their workers safe. Jeff Wagner, the communications manager for Fluor Construction, told reporters that the company provided cooling stations and heavy duty water bottles to more than 2,000 workers working on an Indiana pharmaceutical project. Wagner said that "we have safety meetings each morning. But knowing this would be an extremely hot week, we talked about hydration, and making sure employees are pacing themselves." He said that workers will start their shifts one hour earlier to finish before the hot part of the day. Residents in New York City who wanted to vote in the primary elections were forced to endure the high temperatures. Alex Antzoulatis (53), an accountant from Astoria in New York, said he regretted that he didn't vote by mail. He went to the polling place in 100-degree heat because voting is his duty. "But the heat will keep many people away." Warm weather in the Plains of the U.S. and Canada has affected crops. The dryness of June in Saskatchewan, Western Canada, where canola, wheat, and pulses are grown in large quantities, has affected newly-seeded plants. Bill Prybylski of Yorkton in Saskatchewan said that recent rains came too late. The damage was partially mitigated by the smokey air caused by wildfires which prevented direct sunlight from scorching crops. Oravec, at the NWS, said that temperatures would begin to drop on Wednesday. "Like, Thursday's high temperature in New York will be forecast at 84 F and it is supposed to reach 75 F on the following Friday." (Reporting and editing by Sandra Maler; Additional reporting in New York by Maria Tsvetkova, Ed White in Winnipeg and Heather Schlitz, Chicago.
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US foreign direct investment in the first quarter of 2018 falls sharply amid uncertainty over tariffs
The Commerce Department reported on Tuesday that foreign direct investment in the U.S. dropped sharply to $52.8 billion in the first quarter from a downwardly-revised $79.9 billion during the fourth quarter 2024. This drop coincided with a high level of business uncertainty due to President Donald Trump's proposed tariff plans. As announced U.S. Manufacturing projects worth billions of dollars get underway, and Nippon Steel acquires U.S. Steel for nearly $15 billion, the data from current and future quarters will be boosted. As businesses rushed to import goods ahead of Trump's tariffs, the lower FDI inflows during the first quarter contributed to a rise in U.S. Current Account Deficit to a new record of $450 billion. Bureau of Economic Analysis of the Commerce Department also reported that the current account data of the fourth quarter has been revised and now shows a gap of $312.0 billion, not $303.9 billion. Current account data is a measure of the net flow in and out of a country of goods, investments and services. The large and persistent U.S. deficit in trade has been partially offset by foreign direct investments and investment into U.S. assets, including plant and equipment and corporate mergers and purchases. In dollar terms, the first-quarter FDI was the lowest since the fourth-quarter of 2022 when $42.4 billion inflows occurred. This period coincided with high inflation after the pandemic. Commerce Department data show that, except for this drop, quarterly FDI had risen to $61 billion since the COVID-19 epidemic eased, and reached a high of $135 billion during the third quarter 2021. Economists warn that the extreme uncertainty surrounding Trump's tariffs may paralyze business investment decisions and slow economic growth. Trump claims that his tariffs have prompted companies to invest in the U.S. so as to avoid tariffs. Capital Economics' chief North American economist, Paul Ashworth, acknowledged that there was a possibility that the uncertainty in the market could impact some investment decisions, but warned that quarterly FDI can be volatile due to specific transactions, such as mergers and acquisitions or large projects. Ashworth, a professor of economics at the University of California, Berkeley, said that the data for the first quarter was likely noise and not indicative or anything more serious. He predicted that FDI would increase in the future as Japanese and other automakers begin to invest in U.S. manufacturing. Hyundai Motor of South Korea and Hyundai Steel announced in April that they would invest $21 billion in new U.S. manufacturing alongside Trump at the White House. The hard-fought acquisition of U.S. Steel by Nippon Steel for $14.9 billion closed last week. This will be reflected in the second quarter inflows. Ashworth said, "I'd expect FDIs to increase."
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Democratic-led States Challenge Trump's Ability to Slash Grant Funding
Democratic state attorneys filed a suit on Tuesday, asking a court to declare that the Republican administration of President Donald Trump has been using a tool to cancel federal grant funding in an illegal manner. Attorneys general from 20 states, the District of Columbia and Pennsylvania joined forces with the governor of Pennsylvania to file a lawsuit in Boston Federal Court to challenge the administration's reliance upon a regulation that the White House Budget Office adopted during Trump’s first term which strengthened the agencies' ability to cancel grant awards. The White House Office of Management and Budget, in its 2020 regulation, states that federal agencies may terminate a grant when it no longer "accomplishes the program goals or agency priority." This language has been used by the Trump administration to cancel billions in federal funding for states and non-profits, as part of their efforts to reduce federal support for a variety of projects, such as those that it considers to be supporting diversity, inclusion, and climate change preparedness. Elon Musk, the billionaire who founded the Department of Government Efficiency (DGE), a major player in Trump's campaign to cut federal spending, was responsible for the DGE. States, nonprofits, and others have brought a variety of lawsuits to challenge these grant terminations. Last week, a Boston judge sided with Democratic states and declared that the termination of hundreds of grant applications by the National Institutes of Health because of their perceived connection to diversity-related issues was illegal. In court, the administration argued that it was within its rights to freeze and cancel grants which did not reflect new priorities of agencies following Trump's inauguration in January. The state attorneys general, however, argue that the Trump administration can't rely on OMB regulations to overrule the laws Congress passed appropriating grant funds. Letitia J. James, New York's Attorney General, said that Congress has the power to fund programs. The president can't cut billions of dollar of funding just because he does not like them. According to them, the regulations only allow agencies to terminate grants if additional evidence shows that it is ineffective for achieving program objectives. They asked the judge to declare that the rule prohibits termination of grants based on newly identified agency priorities after the grant has been awarded. The White House has not responded to a comment request. (Reporting and editing by Alexia Garamfalvi, Aurora Ellis and Nate Raymond from Boston)
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US cities record highest temperatures in heat wave
The oppressive heatwave that has been sweeping the United States since last week is expected to reach its worst on Tuesday. National Weather Service: Temperatures are expected to reach 101 degrees Fahrenheit in Washington and Boston, breaking previous records of up to 6 degrees. Central Park in New York City could see temperatures reach a record high of 99 F (37 C), exceeding the previous area high of 96. According to the NWS, there is the possibility of record heat in other parts across the Eastern U.S. including northern Georgia and the Carolinas. Bob Oravec is the lead forecaster for the National Weather Service, College Park, Maryland. He said that the Northeast is experiencing the most intense heat. Extreme heat in the Northeast is disrupting public transportation. Amtrak, the U.S. passenger rail company, has announced that it will have to reduce train speeds on Tuesday, between Washington and New York, and between Philadelphia to Harrisburg. This could cause delays. Construction companies are compensating for severe weather in order to keep their workers safe. Jeff Wagner, the communications manager for Fluor Construction, told reporters that the company provided cooling stations and heavy duty water bottles to more than 2,000 workers working on an Indiana pharmaceutical project. Wagner said that "we have safety meetings each morning. But knowing that this week was going to be exceptionally hot, we talked about hydration, and making sure employees are pacing themselves." Residents in New York City who wanted to vote in the primary elections were forced to endure scorching temperatures. Alex Antzoulatis (53), an accountant from Astoria in New York, said he regretted that he didn't vote by mail. He went to the polling place in 100-F heat because voting is his duty. "But the heat will keep many people away." Warm weather in the Plains of the U.S. and Canada has affected crops. The dry weather in June in Saskatchewan, Western Canada, where canola, wheat, and pulses are grown in large quantities, has affected newly-seeded plants. Bill Prybylski of Yorkton in Saskatchewan said that recent rains came too late. The damage was partially mitigated by the smokey air caused by wildfires which prevented direct sunlight from scorching crops. Oravec, at the NWS, said that temperatures would begin to drop on Wednesday. "For example, the forecast for Thursday in New York calls for a high of 84 F and Friday is 75 F." (Reporting and editing by Sandra Maler; Additional reporting in New York by Maria Tsvetkova, Ed White in Winnipeg and Heather Schlitz, Chicago.
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After Israel-Iran truce, UK midcaps are lifted by travel stocks
Travel stocks led the UK's midcaps on Tuesday as investors were encouraged by signs of eased tensions in Middle East, and a positive forecast from Carnival Cruise Lines. The domestically oriented FTSE 250 rose 1%, reaching a record high of more than a week. Carnival's UK listed shares rose 11.8%, outpacing gains in the midcap index. raised Its annual profit forecast was higher than expected and it beat the second-quarter earnings estimate. The FTSE 350 Travel & Leisure index rose 3.6% after U.S. president Donald Trump announced Israel and Iran reached a 12-day-old ceasefire. Both sides accuse each other Violations The truce was declared on Tuesday. There was relief, however, that a way out of the war had been mapped out. Prices of oil fell 5% as the expectation that the ceasefire would reduce the risk for disruptions in the supply of crude oil. BP and Shell, two British oil companies, fell by 4.8% and 3.8% respectively, weighing on the FTSE 100. The exporter-heavy Index closed flat. It was also affected by the 0.6% increase in the Pound. Data from Kantar, a market research firm, showed that the inflation rate for British groceries rose to 4,7% in the four weeks ending June 15, reaching its highest level since last February. This is a blow to low-income households. Andrew Bailey, Governor of the Bank of England, said that there are now signs of a softening of Britain's labor market. He also reiterated his belief that interest rates will continue to fall. This month, the BoE held interest rates at 4.25%. The markets are pricing in that the central banks will reduce borrowing costs by approximately 50 basis points before the end of the year. SThree, among other stocks, rose 7.4%, after the recruiter reported that improving contractual hiring on the U.S., its second largest market, helped slow down a decline in fees and maintain its profit target. Reporting by Twesha Dhikshit and Sruthi Shankar; Editing and production by Shailesh Kuber and Joe Bavier
US copper futures rise as tariff fears loom
U.S. Copper Futures soared by nearly 6% Monday, increasing their premium over London Prices amid growing speculation about new import tariffs after President Donald Trump’s latest aluminum trade measures.
Trump announced on Friday that he would increase the tariffs on steel and aluminum imports to 50%, up from 25%.
U.S. Comex Copper Futures rose 5.7% to $4.9175 a pound. This is the highest price since April 3. The benchmark three-month copper price on the London Metal Exchange rose by 1.1% at $9,597.50 a metric ton as of 0944 GMT.
The COMEX premium over the LME, a global benchmark price, has widened from $759 per ton to $1,231 a ton on Friday.
Tom Price, Panmure Liberum analyst, said: "Although the word copper was not mentioned in Trump's announcements last week the markets have clearly priced in the possibility of tariffs after the February investigation. This shows the strong demand for the metal from investors."
In February, Trump launched a probe to determine whether new tariffs could be imposed on imports of copper, a critical metal for electric vehicles, military equipment, and semiconductors.
LME aluminium remained steady at $2.443.50 per ton after having touched its lowest level in May at $2.425.50. The U.S. Midwest Aluminium Premium jumped 54% since Friday, to $0.58/lb ($1,279 per ton).
Goldman Sachs said in a report that the U.S. Midwest Aluminium Premium would increase to $0.68-0.70/lb if higher metals tariffs are implemented and remain in place.
Lead increased by 0.9% to $1975, Zinc gained 1.7% at $2,663.50. Tin rose by 0.8% to $30,600, and Nickel was up 0.9%, to $15,365.
The softer dollar made metals more accessible to holders of other currencies.
Neil Welsh, Britannia Global Markets' head of metals, explained that the Dragon Boat Festival in China was responsible for the low Asian participation on Monday. Reporting by Ashitha Shivprasad from Bengaluru, and Polina Deitt in London. Editing by Kirby Donovan.
(source: Reuters)